Bitcoin sentiment chart

Retail trader data show 74.5% of traders are net-long Bitcoin, with the ratio of traders long to short at 2.92 to 1. The number of traders net-long is 0.6% lower than yesterday and 4.7% higher from last week, while the number of traders net-short is 2.1% lower than yesterday and 16.2% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.

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